Moody's cuts Conseco loans to B1, bonds to B2

Moody's Investors Service said it downgraded Conseco, Inc.'s bank debt to B1 from Ba3 and its senior convertible debentures to B2 from B1.

The outlook was revised to negative from stable. The action concludes a review for downgrade that began on April 17.

"Our rating action was largely predicated on the company's sub-par earnings results and a deterioration in statutory capital," Scott Robinson, Moody's vice president, said in a written statement.

"We believe that while management has taken meaningful steps to improve Conseco's operations, the company still faces significant challenges ahead," Robinson said.

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